Sienna Reports Second Quarter 2026 Financial Results and Forms Redevelopment Joint Venture with Fiera Infrastructure

MARKHAM, Ontario, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX: SIA) today announced its financial results for the three and six months ended June 30, 2026.

Highlights

Average Same Property Occupancy in the retirement segment up 150 basis points (“bps”) year-over-year, to 94.1% in Q2 2026
Same Property Net Operating Income (“NOI”) up 19.4% year-over-year to $57.6 million in Q2 2026
- Retirement Segment up 15.2% year-over-year in Q2 2026
- Long-Term Care (“LTC”) Segment up 22.6% year-over-year in Q2 2026
Operating Funds from Operations (“OFFO”) up 35.0% year-over-year, or 16.4% per share, in Q2 2026
Adjusted Funds from Operations (“AFFO”) up 44.9% year-over-year, or 24.4% per share, in Q2 2026
AFFO Payout Ratio lowered to 72.3% in Q2 2026 from 89.5% in Q2 2025
$188 million of acquisitions closed and under contract to date in 2026, with robust pipeline of further opportunities
$375 million of LTC redevelopments in the Greater Toronto Area with expected construction start in early 2027
Formation of strategic partnership with Fiera Infrastructure to expedite LTC redevelopments
Published 2026 Impact Report highlighting Sienna’s broad impact on its stakeholders
Recognized by Time Magazine as one of Canada’s Best Companies in 2026 for second consecutive year

“Q2 2026 marked the 14th consecutive quarter of year-over-year growth from our retirement and long-term care operations – a trend that started in 2023,” said Nitin Jain, President and Chief Executive Officer. “Sienna’s sustained organic growth, combined with the acceleration of our long-term care redevelopments through our newly formed joint venture with Fiera Infrastructure, and our continued focus on expanding through acquisitions all support our strategy to scale our Company at a compelling time in Canadian senior living.”

2026 Growth through Acquisitions

The table below highlights Sienna’s portfolio expansion through acquisitions to date in 2026:

Property Name / Segment	Year Built	Location	Acquisition Status	Number of Beds/Suites	Purchase Price ($M)⁽¹⁾	Investment Yield (%)⁽²⁾⁽³⁾
Q1 2026
Glenmore Lodge / LTC (22.8%)	2016	Kelowna, British Columbia	Completed	118	$10.1	6.65
LaSalle Park / Retirement (10.9%)	2013	Greater Toronto Area, Ontario	Completed	123	$9.3	5.70
					$19.4
Q2 2026
The Bartlett / Retirement	2021	Greater Toronto Area, Ontario	Completed	129	$59.4	5.75
Rockland Manor / Retirement	2015	Greater Ottawa Area, Ontario	Completed	160	$41.0	6.00
Ballycliffe / LTC⁽⁴⁾	2025	Greater Toronto Area, Ontario	Under Contract	224	$68.3	6.75
Total 2026 Acquisitions(closed and under contract)					$188.1	6.21

^{1. Purchase price excludes working capital and other adjustments.}
^{2. This is a KPI. Refer to the Non-GAAP Measures section in the MD&A for definition and additional information.}
^{3. The Investment Yield for total acquisitions represents the weighted average Investment Yield based on the purchase price for acquisitions.}
^{4. The Company signed a purchase agreement in May 2026.}

Growth through Redevelopments

On July 17, 2026, the Company announced that it anticipates starting the construction of a 256-bed redevelopment project at the site of Sienna's Streetsville Community located within the GTA in Q1 2027. The redevelopment, which is subject to government approvals, is expected to be completed in late 2029 and will replace 118 existing beds in addition to adding 138 new beds. The estimated development cost for the project is approximately $125 million and the development yield is approximately 8.0%.

The Streetsville Community redevelopment announcement follows the Company’s announcement of its 448-bed redevelopment project at its Glen Rouge site in the City of Toronto. This will be the largest redevelopment project in the Company's history, with an expected development cost of $250 million. Construction is anticipated to begin in early 2027, with completion expected in 2030.

Formation of Joint Venture with Fiera Infrastructure

On August 4, 2026, the Company formed a joint venture relationship with Fiera Infrastructure Inc. (“Fiera Infrastructure”) through its Canadian Built Opportunities Fund (“CBOF”) to expedite Sienna’s long-term care redevelopment projects in Ontario. Fiera Infrastructure is a global infrastructure investment manager and a wholly owned subsidiary of Fiera Capital (TSX: FSZ).

Sienna’s partnership with Fiera Infrastructure will allow the Company to execute more projects over a shorter period of time, diversify its development risks, and support the Government of Ontario’s important goals of replacing aging infrastructure and expanding long-term care capacity.

The joint venture is initially targeting investments in redevelopment projects totalling approximately $625 million in aggregate construction costs, with the Company’s Glen Rouge and Streetsville Communities in the Greater Toronto Area being among the joint venture’s first projects currently under consideration, representing aggregate development costs of approximately $375 million.

Financial and Operating Results

The following table represents the Key Performance Indicators for the periods ended June 30:

	Three months ended June 30,						Six months ended June 30,
Thousands of Canadian dollars, except occupancy, share and ratio data	2026		2025		Change		2026		2025		Change
OCCUPANCY
Retirement - Average Same Property	94.1	%	92.6	%	1.5	%	94.4	%	92.8	%	1.6	%
Retirement - Average total occupancy	89.9	%	90.2	%	(0.3	)%	89.8	%	90.1	%	(0.3	)%
LTC - Average total occupancy	98.5	%	98.5	%	—	%	98.2	%	98.3	%	(0.1	)%
FINANCIAL
Revenue, Proportionate Basis¹	288,209		253,605		34,604		574,494		497,610		76,884
Same Property NOI¹	57,609		48,257		9,352		105,023		92,219		12,804
NOI¹	65,974		50,626		15,348		124,040		96,508		27,532
Administrative expenses	9,681		10,981		(1,300	)	21,536		20,115		1,421
Adjusted EBITDA¹	58,698		41,110		17,588		107,432		78,242		29,190
OFFO¹	39,580		29,311		10,269		76,680		55,294		21,386
AFFO¹	34,930		24,109		10,821		70,052		48,266		21,786
AFFO Payout Ratio¹	72.3	%	89.5	%	(17.2	)%	70.4	%	87.8	%	(17.4	)%
PER SHARE INFORMATION
OFFO per share¹	0.370		0.318		0.052		0.737		0.620		0.117
AFFO per share¹	0.326		0.262		0.064		0.673		0.541		0.132
FINANCIAL RATIOS
Net debt to Adjusted Gross Book Value at period end	34.6	%	41.3	%	(6.7	)%	34.6	%	41.3	%	(6.7	)%
Weighted Average Cost of Debt at period end	3.9	%	3.9	%	—	%	3.9	%	3.9	%	—	%
Net debt to Adjusted EBITDA at period end	6.1		8.0		(1.9	)	6.1		8.0		(1.9	)
Weighted Average Term to Maturity at period end	5.2		6.3		(1.1	)	5.2		6.3		(1.1	)
CHANGE IN SAME PROPERTY NOI¹
Retirement¹					15.2	%					15.5	%
LTC¹					22.6	%					12.6	%
Total¹					19.4	%					13.9	%

^{Note: Refer to Sienna’s Management Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2026, published on August 4, 2026, for further details. This MD&A can be found on the Company’s website at www.siennaliving.ca.}

^{1 In Q2 2026, the Company recognized retroactive funding of $1,575 ($2,143 net of $568 taxes) and a WSIB refund of $256 ($348 net of $92 taxes) both relating to prior years. In Q1 2026, the Company recognized retroactive funding of $773 ($1,052 net of $279 taxes) relating to prior years. Excluding these items, OFFO and AFFO per share for the three and six months ended June 30, 2026 would be lower by $0.017 and $0.025, respectively.}

^{In Q1 2025, the Company recognized a WSIB refund, net of expenses of $1,334 ($1,817 net of $483 taxes) relating to prior years. Excluding this item, OFFO and AFFO per share for the six months ended June 30, 2025 would each be lower by $0.015.}

^{The year-over-year change in Same Property NOI, excluding retroactive adjustments in both years, for the three and six months ended June 30, 2026 would have been as follows:}

	Three months ended June 30, 2026		Six months ended June 30, 2026
Retirement	15.2	%	14.5	%
LTC	13.5	%	10.4	%
Total	14.2	%	12.3	%

Financial Performance - Q2 2026

Revenue, Proportionate Basis increased by 13.6%, or $34.6 million, to $288.2 million, compared to Q2 2025. In the Retirement segment, the increase is primarily attributable to acquisitions, occupancy growth, rental rate increases, as well as higher care revenue. In the LTC segment, the increase is primarily due to higher flow-through funding for direct care, increased private accommodation revenue, acquisitions and $2.1 million of retroactive funding related to the prior year, recognized in 2026.
NOI increased by 30.3% to $66.0 million, compared to Q2 2025. The Retirement segment NOI increased by $8.4 million, primarily attributable to revenue growth, offset partially by higher labour, food and utility expenses, and incremental expenses from acquisitions. The LTC segment NOI increased by $6.9 million, mainly due to revenue increases, offset in part by higher labour and repair and maintenance expenses, and associated expenses from acquisitions.
Same Property NOI increased by 19.4% to $57.6 million compared to Q2 2025, including a 22.6% increase in the LTC segment, and a 15.2% increase in the retirement segment. Q2 2026 included $2.1 million in retroactive government funding and a WSIB refund of $0.3 million. Excluding these items, Same Property NOI would have increased by 14.2% compared to Q2 2025, driven by 15.2% growth in the retirement segment and 13.5% growth in the LTC segment.
OFFO increased by 35.0% in Q2 2026, or $10.3 million, to $39.6 million compared to Q2 2025. The increase was primarily due to higher NOI, offset partially by higher income tax expenses and higher interest expenses from increased financings as a result of growth and higher borrowing rates. OFFO per share increased by 16.4% in Q2 2026, or $0.052, to $0.370.
AFFO increased by 44.9% in Q2 2026, or $10.8 million, to $34.9 million compared to Q2 2025. The increase was primarily driven by higher OFFO and construction funding income received from the Government of Ontario for redevelopments completed in 2025. AFFO per share increased by 24.4% in Q2 2026, or $0.064, to $0.326.
AFFO Payout Ratio lowered to 72.3% from 89.5% in Q2 2025, reflecting the Company’s strong operating results, contributions from completed developments and accretive acquisitions, and the progressive deployment of capital to fund acquisitions.
$98 million of shares issued under Sienna’s At-The-Market Equity Distribution Program (“ATM Program”) in Q2 2026, increasing year-to-date equity raised under the ATM Program to $248 million.
Debt - The Company's Net Debt to Adjusted Gross Book Value decreased by 670 bps to 34.6% at the end of Q2 2026, from 41.3% at the end of Q2 2025, primarily as a result of the Company’s capital allocation strategy, including acquisitions and developments throughout 2025 and 2026, as well as equity raised under the Company’s ATM Program. Net Debt to Adjusted EBITDA decreased to 6.1 times in Q2 2026, from 8.0 times in Q2 2025 as a result of higher Adjusted EBITDA as well as cash raised under the ATM Program.
Morningstar DBRS Credit Rating - On July 23, 2026, Morningstar DBRS announced the confirmation of the Company’s BBB Issuer Rating and ratings on its Senior Unsecured Debentures, with trends remaining “Stable”.

Financial Performance - Six months ended June 30, 2026

Revenue, Proportionate Basis increased by 15.5%, or $76.9 million, to $574.5 million, compared to six months ended June 30, 2025. In the Retirement segment, the increase is primarily attributable to acquisitions, occupancy growth, rental rate increases, as well as higher care and ancillary revenue. In the LTC segment, the increase is primarily due to higher flow-through funding for direct care, increased private accommodation revenue, acquisitions and developments, and $3.2 million of retroactive funding related to the prior year.
NOI increased by 28.5% to $124.0 million, compared to six months ended June 30, 2025. The Retirement segment NOI increased by $16.3 million, primarily attributable to revenue increases, offset partially by higher labour, food and utility expenses. The LTC segment NOI increased by $11.2 million, mainly due to revenue growth, offset in part by higher labour, and repair and maintenance expenses.
Same Property NOI increased by 13.9% to $105.0 million compared to six months ended June 30, 2025, including a 12.6% increase in the LTC segment, and a 15.5% increase in the retirement segment. For the six months ended June 30, 2026, the Company recognized $3.2 million of retroactive funding related to 2025 and a $0.3 million WSIB refund, compared to a $1.8 million WSIB refund recognized in the prior year. Excluding these items, Same Property NOI would have increased by 12.3% compared to Q2 2025, driven by 14.5% growth in the retirement segment and 10.4% growth in the LTC segment.
OFFO increased by 38.7%, or $21.4 million, to $76.7 million compared to the six months ended June 30, 2025. The increase was primarily driven by higher NOI and lower income tax expenses largely resulting from accelerated tax depreciation recognized in Q1 2026 on properties acquired in 2025, offset partially by higher interest expenses from increased financings as a result of growth and higher borrowing rates. OFFO per share increased by 18.9%, or $0.117, to $0.737 compared to the six months ended June 30, 2025.
AFFO increased by 45.1%, or $21.8 million, to $70.1 million compared to the six months ended June 30, 2025. The increase was primarily driven by higher OFFO and construction funding income received, offset by increased maintenance capital expenditures. AFFO per share increased by 24.4% or $0.132, to $0.673 compared to the six months ended June 30, 2025.
AFFO Payout Ratio lowered to 70.4% from 87.8% for the six months ended June 30, 2025, reflecting the Company’s strong operating results, contributions from completed developments and accretive acquisitions, and the progressive deployment of capital to fund acquisitions.

Appointment of Chief Technology Officer

On June 22, 2026, Jeff Forbes joined Sienna as Chief Technology Officer, where he is responsible for advancing the Company's technology strategy. Jeff is a seasoned executive with nearly two decades of experience leading large-scale business transformation, digital innovation, and enterprise technology organizations. His experience spans the healthcare, retail, and professional services sectors.

Outlook

Long-term fundamentals in Canadian senior living are underpinned by growing demand, with seniors making up the fastest-growing demographic, and limited new supply of senior living accommodations.

Looking ahead, Sienna will continue to leverage these sector dynamics as we grow through portfolio optimization, and drive continued retirement NOI and margin growth.

In addition, the increasing scale of our operations, our ability to identify and execute on strategic transactions and the acceleration of our redevelopment program are positioning us well to sustain our growth momentum.

Retirement Operations – Our focus on generating strong interest in our residences, as well as continued improvements to our operations and favourable supply/demand fundamentals, supported the year-over-year occupancy and margin improvements. Same property operating margins increased by approximately 200 bps year-over-year in Q2 2026.

Going forward, we will continue to focus on expanding the Company's NOI with concentrated marketing and sales initiatives, operational efficiency and asset optimization efforts. We expect Same Property NOI growth in our retirement portfolio to exceed 10% in 2026 as a result of the segment's occupancy growth, rate increases and higher care revenue.

Asset Optimization Initiatives – Sienna believes that there is a significant opportunity to create value through asset optimization initiatives at certain properties. These initiatives target a better market fit and include renovations, changes in suite mix, additional services or the alternative use of a property to reflect the evolving needs of residents. By optimizing our existing portfolio, we expect to unlock substantial NOI growth while modernizing Sienna’s asset base.

Long-Term Care Operations – Sienna's LTC platform is benefitting from government funding increases, higher revenue from private accommodation, in addition to a growing platform. Excluding retroactive items, we expect the year-over-year increase of our 2026 LTC Same Property NOI for the full year to be in the mid- to high-single-digit percentage range, representing an increase from our previous target in the low- to mid-single-digit percentage range.

Growth Targets – The following table summarizes Sienna’s 2026 key targets for Same Property growth, excluding One-Time Items:

Segment	Performance Indicator	Target
Retirement	2026 Occupancy	95%+
Retirement	2026 Margin Growth (YoY)	100 bps - 150 bps
Retirement	2026 NOI Growth (YoY)	10%+
LTC	2026 NOI Growth (YoY)	Mid- to high-single-digit %

Conference Call

Sienna will host a conference call on August 5, 2026 at 9:30 a.m. (ET). The toll-free dial-in number for participants is 1-800-715-9871, conference ID: 4172867. A webcast of the call will be accessible via Sienna's website at www.siennaliving.ca/investors/events-presentations. It will be available for replay until August 5, 2027 and archived on Sienna’s website.

About Sienna Senior Living

Sienna Senior Living Inc. (TSX:SIA) offers a full range of seniors' living options, including independent living, assisted living and memory care under its Aspira retirement brand, long-term care, and specialized programs and services. Sienna's approximately 15,500 employees are passionate about cultivating happiness in daily life. For more information, please visit www.siennaliving.ca.

Risk Factors

Refer to the risk factors disclosed in the Company’s MD&A for the year ended December 31, 2025, and its most recent Annual Information Form for more information.

Forward-Looking Statements

Certain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management’s current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements generally use forward-looking words, such as “anticipate,” “continue,” “could,” “expect,” “may,” “will,” “estimate,” “believe,” “goals”, “target” or other similar words and are based on the Company’s expectations, estimates, forecasts and projections. These statements are subject to significant known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. The forward-looking statements in this news release are based on information currently available and what management currently believes are reasonable assumptions. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.

FOR FURTHER INFORMATION, PLEASE CONTACT:

David Hung
Chief Financial Officer and Executive Vice President, Investments
(905) 489-0258
david.hung@siennaliving.ca

Nancy Webb
Executive Vice President, Corporate Affairs and Marketing
(905) 477-4006 ext. 3030
nancy.webb@siennaliving.ca

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